Dec 10 2013
Pistol Bay Mining Inc. reports that Revolver Resources Inc. ("Revolver") has mobilized a drill rig onto the Summit B property (located in the Iskut area of northwestern British Columbia ) for an immediate 1000 metre drill program to test the 2km long and 500 metre wide anomaly previously identified through a 3D IP survey.
The Summit B property is under option to Revolver, wherein it can earn a 60-per-cent interest in the property by completing $2.5-million in exploration expenditures on the property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay four million common shares prior to May, 2016
Revolver has commissioned Black Hawk Diamond Drilling Ltd. and UTM Exploration Services from Smithers, BC to conduct the drilling program. The Summit B property is located in an active mining area, where Imperial Metals Corp.'s Red Chris mine is nearing initial commercial production, and bordering Colorado Resources as they advance their North Rok property into a proposed 10,000 m drill program early next year.
Revolver recently completed a 3D IP inversion model based upon the results of the IP (resistivity/chargeability) survey carried out on the Summit B property. The model reveals a strong 2 km long to 500-metre-wide, northwest-oriented ovoid chargeability anomaly with values reaching over 35 millivolts per second accompanied by low resistivity signatures. It extends from shallow depth (less than 100 m) to at least 500 m and is open at both the northwest and southeast ends. Surface geology indicates the high chargeability/low resistivity anomaly is spatially related to copper-gold-bearing disseminated sulphide bodies and stockworks distributed within fault zones. Recent rock and chip sampling of historic mineralized trenches generated substantial Cu assay values ranging from 0.1 to 1.5 weighted per cent. Gold is significantly enriched, highlighted by several concentrations greater than three grams per tonne Au; for example 3.0 g/t, 17.9 g/t, 12.3 g/t and 10.9 g/t. Pervasive hematite-ankerite-silica alteration affected the sheared volcanosedimentary rocks.
The Summit B IP anomaly is similar in shape and intensity to that observed in Colorado Resources' adjacent North Rok property. The North Rok chargeability anomalies characterized a porphyry copper-gold system associated with an early Jurassic monzodiorite-diorite pluton intruding Upper Triassic Stuhini Group volcanic rocks. Already, drill core intersections of 402 m at 0.28 weighted per cent Cu and 0.27 g/t and 242 m at 0.63 weighted per cent Cu and 0.85 g/t Au were obtained less than three km away from the Summit B property. The Summit B IP anomaly is associated with low magnetic values relative and occur in a greenschist metamorphosed Mississippian-Permian volcanosedimentary assemblage. The age of the Summit B mineralization is presumed to be Jurassic and concordant with the age of alkalic intrusions at North Rok, Red Chris (a porphyry copper-gold mine and with reserves of over 300 million tonnes grading 0.359 per cent copper and 0.274 g/t gold) and elsewhere in northwestern B.C. The carbonate alteration and precious metal mineralization at Summit B may be related to deep metamorphic fluids with appropriate chemistry to cause quartz-carbonate-gold deposits. Alternatively, the mineralization may be produced by hydrothermal fluids generated by the intrusion of alkalic plutonic rocks at moderate depth.
Technical information in this news release has been prepared and/or revised by Michel Boily, PhD, PGeo, and qualified person as defined in NI 43-101.